Key Takeaways
- Avalanche’s AVAX token has shown robust short-term performance, reaching a peak of $22.47 followed by a slight correction.
- The token has grown by 4.2% over the past 24 hours, outpacing the CoinDesk 20 index, which has increased by 3.7%.
- Strong support levels and a prominent V-shaped recovery pattern suggest a bullish trend for AVAX.
Avalanche’s AVAX token demonstrates notable strength, moving from $20.91 to a peak of $22.47, which marks a 7.4% increase per CoinDesk Research’s technical analysis. Following this surge, AVAX underwent a minor correction of 1.65%, ultimately up 4.2% over the previous 24 hours.
The CoinDesk 20 index, which tracks the top 20 cryptocurrencies based on market capitalization (excluding coins for exchanges, memecoins, and stablecoins), has risen by 3.7% during the same timeframe.
Technical Analysis
- Two significant breakout periods have influenced price action: a 5% increase with trading volume exceeding 1.4M, followed by a 2.1% gain on a volume of 1.8M.
- Strong support has emerged around the $21.53-$21.63 range, maintaining an overall bullish trend as the price hovers above crucial support levels.
- AVAX displayed significant volatility recently, initially surging to $22.47 before experiencing a 1.65% correction.
- Temporary support has formed around the $21.80-$21.82 range, subsequently followed by a recovery that establishes an upward trend channel with higher lows.
- The price action indicates a V-shaped recovery pattern, showing strong buying momentum following a selloff.
Disclaimer: Portions of this article have been produced with AI assistance and reviewed by a human editorial team to ensure accuracy.
